Like the IRS? Then You’ll Love Elizabeth Warren’s New Tax Bill

Sen. Elizabeth Warren (D-MA) speaks to reporters with Senate Majority Leader Chuck Schumer (D-NY) during a news conference on Democrats’ demand for an extension of eviction protections in the next coronavirus aid bill on Capitol Hill, July 22, 2020. (Jonathan Ernst/Reuters)
Warren is selling the Ultra-Millionaire Tax Act of 2021 as a crackdown on the super-rich. But in truth, it will likely hit ordinary Americans the hardest.

NRPLUS MEMBER ARTICLE O n March 1, Senator Elizabeth Warren (D., Mass.), joined by Representatives Pramila Jayapal (D., Wash.) and Brendan Boyle (D., Pa.), introduced the so-called Ultra-Millionaire Tax Act of 2021. The bill would impose an annual “wealth tax,” starting at 3 percent and reaching as high as 6 percent, on the richest .5 percent of all Americans.

The merits of the tax itself have been discussed at length. What has not been discussed is the new IRS-enforcement scheme that the bill would create, which would include a staggering increase in the size of the IRS, a substantial expansion of the IRS’s already-oppressive information-reporting

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